April 27, 2010

One Day On The Market (For The Sixth Time In Four Years)

219 Brannan #1C was listed anew for the sixth time since 2006 today, and for the second time since becoming bank owned.

Withdrawn from the market just yesterday with a list price of $529,900 (and an official "90" days on the market at time), the 875 square foot Brannan one-bedroom was relisted today with a new broker at $529,000 (and an official one day on the market according to industry reports).

Once again, public records would suggest the one-bedroom condo was purchased in 2003 and its tax assessed value of $533,268 would suggest a bit of premature equity withdrawal might have been involved.

∙ Listing: 219 Brannan #1C (1/1.5) 875 sqft – $529,000 [MLS]
The Bank-Owned "Anomalies" Keep Building At The Brannan [SocketSite]

First Published: April 27, 2010 12:00 PM

Comments from "Plugged In" Readers

The HOA fee of $770/month make this so expensive, which is why I think it has been sitting for so long.

Posted by: SFRE at April 27, 2010 12:04 PM

The previous owner seemed to average a refi per year. E*Trade Bank was the final bagholder.

Posted by: EBGuy at April 27, 2010 12:17 PM

I agree with SFRE. At this price it is getting attractive, but that HOA is a killer.

Posted by: curmudgeon at April 27, 2010 12:26 PM

I don't get it - why don't they cut the price? By more than $900, I mean... Are we stuck in denial mode here? If it's bank owned, you'd think they would want to get it off their books. Or is it an "extend and pretend" issue? Would selling REO at the market price result in a hit to their capital?

Posted by: Po Hill Jeff at April 27, 2010 12:43 PM

Doesn't MLS have something along the lines of "selling history?" It should be trivial to to update their DB schema to have "listing history." I mean come on, this gaming of the "official days on the market" nonsense is pathetic.

Posted by: lolcat_94123 at April 27, 2010 2:39 PM

Posted by: joh at April 27, 2010 2:45 PM

Redfin lists the dates of listing and de-listing, but does not show any pricing. Their data comes from the MLS and/or is restricted to the TOS of the MLS.

It's a pity, because Redfin could force some transparency on this issue.

Posted by: Embarcadero at April 28, 2010 3:32 AM

At $529K, the cost of capital plus cost of property tax plus cost of HOA comes to close to $3,300 a month. $3,300 a month will rent you something a lot nicer than unit 1C in The Brannan. The bank is really going to have to drop the price to move this.

Posted by: Nick at April 29, 2010 8:43 AM

They obviously are not putting much effort into moving it.

It's probably a waste of time dealing with a bank that doesn't even hire a realtor with a camera, or the motivation to have an open house.

Posted by: J at April 29, 2010 8:51 AM

$770 HOA dues - let's see; Doorman building, check. High speed elevators, check. Gym and pool, check. Building that has many owners defaulting on HOA dues, check.

So if you don't think HOA dues are worth it - find a building with no doorman/concierge, no elevator, no pool/gym, etc. Defaulting homeowners on the other hand - that may rule out a lot of SOMA/South Beach buildings.

And if you don't like the price - just write an offer for what you think it's worth.

Posted by: hangemhi at April 29, 2010 1:51 PM

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